Shiba Inu, one of the top memecoin in the market has made headlines today after its burn rate surged by more than 68,000% in the last 24 hours. This development has ignited optimism for the future value of the coin with investors hopeful for a potential price jump. However, this might not be the case as fresh data from CoinMarketCap show that the value of the token has declined notably amid the burn rate hike.
Shiba Inu Community Sends 7.6 Million SHIB Tokens to Furnace
In a recent development that has shifted heads in the crypto market, the Shiba Inu community popularly known as the ‘SHIB Army,’ has succeded in destroying a significant portion of the SHIB in circulation, up to the tune of 7,611,370 (7.6 million) over the last day, consequently raising its burn rate to exactly 68,316.81% according to recent data from Shibburn, a dedicated Shiba Inu burn tracker.
According to the data provided, this total amount of SHIB was sent to the burn addresses through seven different transactions. Notably, one transaction moved 4,320,587 (4.3 million) SHIB tokens to a burn address which represents more than 50% of the entire tokens burned within the recorded time.
Source: Shibburn
Other significant transactions include one destroying 1.031 million SHIB about 8 hours ago from the time of writing and another moving 1.53 million at approximately 3 hours ago. The Shiba Inu community has relentlessly continued to reduce the total number of SHIB in circulation through the burning mechanism with hopes of creating scarcity and potentially driving up the price of the token.
At press time, about 410.7 trillion SHIB tokens have been destroyed leaving over 583 trillion tokens in circulation. Even though the circulating supply is still large, the community is committed to this initiative as tens of millions of coins are being removed from circulation monthly.
Shiba Inu Price Amid Burn Hike
Although the purpose of this burn mechanism is to help the price of SHIB, the current state of the coin tells a different story. According to data from CoinMarketCap, SHIB is currently down by 2.29% over the last 24 hours to trade at $0.00002307.
However, the market activities surrounding the token as observed in its trading volume have spiked by 6.95% to $505 million. What is more, Shiba Inu (SHIB) has traded between the lows and highs of $0.00002279 and $0.00002359 in the last 24 hours, signaling a 73.3% decline from its all-time high of $0.00008616 reached on October 2021.
The value of Shiba Inu will hopefully bow to the laws of demand and supply subsequently. As more coins are burned, the remaining in circulation become more attractive and valuable hence a potential surge to coveted levels.
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